WVC 18 - 7 A- 26 R
§18-7A-26r. Minimum benefit for certain retired members;
legislative declaration; state interest and
public purpose.
The Legislature hereby finds and declares that an important
state interest exists in providing a minimum retirement annuity for
certain retired members who are credited with twenty or more years
of total service; that such program constitutes a public purpose;
and that the exclusion of total service for certain employees of
institutions of higher education is a reasonable and equitable
exclusion for purposes of determining eligibility for such minimum
benefits.
If the retirement annuity of a retired member (or if
applicable, a spouse thereof) with at least twenty years of total
service is less than $500 per month (including any supplemental or
additional benefits provided by this article), then the monthly
retirement annuity for any such retired member shall be increased
to $500 per month: Provided, That any year of service while an
employee of an institution of higher education shall not be taken
into account for purposes of this section if his or her salary is
capped under the retirement system at $4,800 per year pursuant to
section fourteen-a of this article.
The payment of any minimum benefit under this section shall be
in lieu of, and not in addition to, the payments of any retirement
annuity or supplemental or additional benefits otherwise provided
by this article: Provided, That the minimum benefit provided herein shall be subject to any limitations thereon under §415 of
the Internal Revenue Code of 1986, as the same may be amended, and
section twenty-eight-a of this article.
Any minimum benefit conferred herein shall not be retroactive
to the time of retirement and shall apply only to members who have
retired prior to the effective date of this section, or, if
applicable, to beneficiaries receiving benefits under the
retirement system prior to the effective date.
The minimum benefit provided herein shall be subject to a
recommendation by the Governor for such minimum benefit through the
delivery of an executive message to the Legislature and an
appropriation by the Legislature for such minimum benefit, such
appropriation to be made over a continuous six-year period
following the effective date of this section.
Note: WV Code updated with legislation passed through the 2014 1st Special Session
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